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by Robert Alexander
on Thursday, March 24th, 2011 at 2:58pm.
Recently, the Wall Street Journal reported that the average apartment vacancy rate was 6.6% nationally. This is down from 8.0% last year, reflecting that more people are renting this year than there were the year before.
In addition, the number of occupied apartments rose by more during Q4 2010 than during any comparable period of the last 10 years.
What is most interesting is while the national average for rent increase is up just over 2%, Greenville, South Carolina rents have increased over 11% - topping the list for the largest rent increases nationally.
What does this mean? Well, several things could be contributing to this, most of which is that with rental occupancy around 93.5%, there just aren't that many available places for rent. More people are renting due to the lingering effects of an uncertain economy. Cash is tight, and builders aren't building.
For folks selling their home in a tough market, this may offer a ray of hope; an option they never considered before... If you have your home for sale in the Greenville South Carolina area and it is not selling, you may wish to considering renting your home or doing a lease-purchase option to get yourself out from under your mortgage payment. At Del-co Realty group, our property management team rents homes under our management in less than 30 days.
In many cases, with the expert guidance from a reputable property management company, you can even generate income (rent in excess of your mortgage and maintenance obligation on your home). Rents are going up while home values are flat to slightly negative.
A good real estate marketing plan to sell your home is critical. If you are able to keep up on your house payments, you may wish to try and sell your home first... But, you must be patient! Currently, homes that ARE selling in the local Greenville SC market are on the market for an average of 117 days before being sold with an average List Price to Sales Price ratio of 93.73%, according to recent Greenville SC Market statistics.
You want to avoid gimmicky sales pitches like, "We can sell your home in 60 Days." What they don't tell you is you must do EXACTLY what they say in order to get that guarantee. You have no input! In some cases, it requires you to list your home well under current market value... You might even be upside-down in your home; owing more than it is worth. What do you do then? Another common tactic if your home isn't sold within 60 days is they'll knock a percentage of their commission off of the deal.
You might even be upside-down in your home; owing more than it is worth. What do you do then?
Location, unique features of your home, financial challenges, etc. - all factor in to the situation.
Know this... There are no guarantees in ANY market. What your Del-co Realty Agent can offer is a solid, proven plan that specifically meets your needs. We will listen and we will build a customized plan that YOU are comfortable with and we will get results - PERIOD!
Contact Us! We'd love to listen to you.
Your Partner in Real Estate,
The Del-co Realty Group Team